Lifetime annuity

George has a pension pot of £5,000 £10,000 £15,000 £20,000 £25,000 £30,000 £35,000 £40,000 £50,000 £60,000 £70,000 £80,000 and will carry on paying nothing £50 £100 £200 £300 £400 £500 £600 a month gross into it for the next year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years 11 years .

George knows the longer he pays into his pension fund the more he’s likely to get from an annuity which is why he’s made this choice.

When it’s time for him to retire, he plans on taking his 25% tax-free lump sum and buying an annuity with what’s left. So he could get around £186 a month until the day he dies.